Recently, Andrew Lazarus, alongside his son Luke decided to sell the iconic Beach Hotel in Newcastle, Australia, for about $40 million.
Having purchased it in 2019 from previous owners John Twohill and Jim Bale, he owned it for a few years before finally selling it.
This was after completing the DA application successfully and initiating a few changes in the hotel, which are quite a few for the hotel, which contributed to a significant increase in the value within that short period.
Also read: Sydney hotelier Andrew Lazarus buys Beach Hotel Merewether
Andrew Lazarus explains the growing interest in hotels and local pubs due to the increasing population within these coastal towns.
He further says that there has been significant growth in the number of people visiting these hotels every year, making the business profitable.
According to Andrew, coastal towns are growing tremendously and will continue to grow as long as this population continues to increase.
Famously referred to as The Beaches, the Beach Hotel is a landmark building loved by locals and guests.
It is located on Merewether Beach and is a popular location for many events.
These events include beach parties, wedding receptions, and even corporate functions.
It has been able to host many such functions over the years, contributing to its success in the hospitality industry.
As much as Andrew’s passion for real estate renovation and development, philanthropy is an area in which he is highly involved.
Together with his son Luke, they are still pursuing several real estate projects while giving back to the community.
The Lazarus Foundation has raised millions of dollars for many organizations.
All these donations have improved the living conditions of many people.
Learn more about Andrew Lazarus: https://thebossmagazine.com/andrew-lazarus-the-path-of-success/